March 24, 2020
Black Bear Capital Partners (BBCP) recently arranged $63.8 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) to refinance an eight-property multifamily portfolio in the Bronx. The loans were provided by Morgan Stanley.
BBCP’s Bryan Manz, Rob Serra, Emil DePasquale and Brandon arranged the financing packages. The debt features a fixed rate of 4.00% and 10 years of full-term, interest-only payments, along with an earn-out facility.
The eight multifamily properties, totaling 429 units, are located at: 271 E 197th St.; 686 Rosewood Ave.; 2505 Olinville Ave.; 3215 Holland Ave.; 1475 Sheridan Ave.; 2305 University Ave.; 2315 Walton Ave.; and 2515 Olinville Ave.
The permanent financing follows several additional refinancing packages totaling nearly $300 million that BBCP recently arranged on behalf of FTERE throughout the Bronx.
For comments, questions or concerns, please contact Paul Bubny